OSE Immunotherapeutics - €10m funding secures runway to Q323
OSE Immunotherapeutics (OSE) has announced the receipt of €10m in financing from the European Investment Bank (EIB), which we estimate will secure management’s communicated cash runway into Q323. The funding has been received as the second tranche of a facility that was previously agreed with the EIB, with the first €10m having being drawn down by the company in July 2021. The funding comes with a linked warrant issue that gives the EIB the potential right to 2.97% of share capital (undiluted), if exercised from 2027. While this is potentially dilutive for investors, the company has arrangements in place to limit the risk of dilution. The €10m will provide support to OSE’s development programmes, in our view, as FY23 is expected to see Tedopi (the company’s cancer vaccine) enter a second Phase III clinical trial in non-small cell lung cancer. We value OSE at €398.3m or €21.5 per share (previously €398.4m or €21.5 per share).Ose Immunotherapeutics SA, formerly Orphan Synergy Europe Pharma SA, is a France-based company principally engaged in the clinical stage biotechnological sector. The Company develops immunotherapy products against invasive or metastatic late-stage cancers. The Company offers a technology, called Memopi, which helps the immune system to eliminate malignant cells; it re-educates the body's immunological memory so that the immune system (and particularly T cytotoxic cells) attacks tumor cells by increasing the patient's specific cytotoxic T response against their cancer. The Company's main product, Texopi, is a patented combination of ten epitopes, selected and optimized from five tumor associated antigens.
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